Namecoin (NMC) remains stuck in an 8-month slump. It is currently trading at $1.45 on BTC-e, its most popular venue for exchange.
Since peaking at $13.50 in late November, the coin has gradually lost value without a significant reversal in fortunes. From its peak, it has shed nearly 90%. In terms of market cap, it has gone from nearly $100 million to $14 million, despite a vast increase in coin count during the interim. It now ranks 9th, 6th among mineable currencies.
Unlike many altoins, Namecoin experienced its heydey in late November simultaneous with the great run-up in crypto prices, including Bitcoin and Litecoin. It is a mature altcoin, one of the few which existed in mid-2013; most other alts peaked during January-February of this year. As the speculation bubble burst at the beginning of December, Namecoin was dragged down and has not recovered since.
HotForex extends partnership with Paris Saint-GermainGo to article >>
In crossing over 2.5 mBTC, it officially set a new low for this year. To find any reasonable support, you have to go back to the pre-November run-up days, when it held its round at 1.5 mBTC.
With the continued gradual losses, it maintains a 15% offset from its 50-day moving average, now $1.70.